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2013 (8) TMI 808 - HC - Wealth-taxInclusion of aircraft u/s Section 2(ea)(iv) - Computation of Net Wealth - Whether the aircraft owned by the Assessee and used for its business would be exempted from wealth tax - Held that:- The use of an aircraft by the executives or directors of a company for the purposes connected with its business would amount to use by the Assessee for commercial purposes - In case the Assessee was using the aircrafts for transporting its directors or executives for excursion purposes or for personal purposes the same would not qualify as use of the aircraft for commercial purposes and would not be exempt from wealth tax - the ITAT had recorded that it was undisputed that the two aircrafts were used by the Assessee for its business - Since this was the undisputed factual position the same would be exempt from wealth tax. The use of an aircraft for commercial purposes does not necessarily entail hiring to third parties, ferrying of passengers or leasing of the aircrafts for consideration - The intention of the legislature while creating the exception by using the expression “used by the Assessee for commercial purposes” was not to restrict the meaning of the words “commercial purposes” to running the same on hire or as stock in trade - There was no infirmity in the order of the ITAT - Decided against revenue.
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